🇳🇬NigeriaWest Africa
Nigerian drugmakers' finance costs jump 47% amid high interest rates
via Punch Nigeria11 min read
Nigerian pharmaceutical companies listed on the Nigerian Exchange experienced a 46.5 percent increase in combined finance costs during the first quarter of 2026. This rise, from N2.09bn in Q1 2025 to N3.07bn in Q1 2026, is attributed to high interest rates and increased reliance on debt, impacting profitability across the sector. MeCure Industries Plc saw its finance cost rise by 49.5 percent to N2.62bn, though its operating profit nearly doubled. Neimeth International Pharmaceuticals Plc's finance cost climbed by 31.6 percent to N439.5m, with a marginal increase in profit after tax. Morison Industries Plc maintained flat finance expenses at N4.86m but reported a loss of N8.16m. Experts, including Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise, link the surge in finance costs primarily to Nigeria's high interest rate environment, with the Monetary Policy Committee retaining the benchmark interest rate at 26.5 percent. Professor Akpan Ekpo of the University of Uyo also highlighted broader structural challenges, such as the cost of alternative power supply due to unstable grid electricity, as a significant factor inflating operating costs for manufacturers. Some companies also expanded investments in fixed assets, with Fidson Healthcare Plc and MeCure increasing their property, plant, and equipment. The impact of these rising costs varies, with some companies like MeCure showing strong operating profit growth to service debt, while
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